On You and Yours today (I would do a link but it's not there yet) they had a feature on "pester power" - talked to a small selection of mums shopping at the Gateshead Metro Centre (I think) and then to one who was looking to borrow £1400 for this Christmas from her local Credit Union when it would take her 2 years to pay it off.
(CU woman kindly said she could have £700 only.)
They all said, one way or another, "well they see these things on the telly and they want them so I have to get them". They were spending upwards of £600 per child.
This is INSANE. 
If many parents have become unable to say no to their kids then at least if the kids aren't tempted quite as much their bills might be a bit more sensible...no product ads on kids' TV in December would be a start.
I know You and Yours is a bit inclined to do "shock! horror! burnt mouth on hot coffee!" stories but assume they didn't trawl through the place looking for people with bottomless purses.
(Mind you, having said all that - we have friends whose kids are now mid 20s, and when they were small they used to be encouraged to go through the Argos catalogue to write out their wish lists and then got most of what was on them. They are still spoilt rotten today too!)